Byju’s acquires US-based Osmo for $120 million

Education technology firm, Byju’s said it has acquired Osmo, a US-based learning platform for $120 million, as it chalks out an aggressive international expansion plan. Osmo, founded by India-origin Pramod Sharma, produces augmented reality games for iPads and iPhones targeted at children. This will be the largest acquisition for the Indian unicorn which was recently valued at $3.6 billion in its latest round of funding.
Byju’s said it wants to tap Osmo’s physical-to-digital technology and content to expand its current offerings.
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“With this acquisition, we are expanding into a new age demographic and entering the world of younger kids (age group 3-8). Our partnership with Osmo will help kids acquire love for learning at an early age by introducing ‘play-based learning’,” Byju said in a prepared statement. The Osmo’s team based in Silicon Valley will continue to operate independently. “We started Osmo for parents looking for a way to combine physical, hands-on play with the power of digital platforms to foster a love of learning,” Sharma, said.
Last month, South Africa's Naspers Ventures led a $540 million financing round at Byju’s with others like the Canada Pension Plan Investment Board (CPPIB) and private equity firm General Atlantic, also participating. At the time, the Bengaluru-based company had said that it was looking for acquisitions to accelerate its international expansion.Owned by Think & Learn Private Limited, Byju's plans to launch products internationally with a focus on English speaking markets like the United States, UK, and Australia.
Byju’s-The Learning App, which is the edtech player’s flagship offering, caters to students from classes four to 12. Till June this year, it had around 20 million registered students and 1.26 million annual paid subscribers. This has now increased to 30 million registered students and 2 million annual paid subscribers. The company reported its revenues for the financial year 2017-18 as Rs 490 crore, a 97 % jump since the last financial year. It is looking to achieve a revenue target of Rs 1,400 crore this financial year, the company said.Shoot